As First Republic Bank faltered, five members of Congress dumped their personal stock investments
At least five members of Congress in mid-March dumped their personal stock shares in now-defunct First Republic Bank — trades that potentially saved the lawmakers or close family members thousands, if not tens of thousands of dollars, according to a Raw Story analysis of congressional financial records.
Reps. Lois Frankel (D-FL), Ro Khanna (D-CA), John Curtis (R-UT), Earl Blumenauer (D-OR) and Dan Goldman (D-NY) each sold their shares between March 15 and March 20 as the bank’s credit rating eroded, stock price tumbled and depositors fled.
The lawmakers’ timing of the trades — four of the five bailed out of First Republic Bank stock while share prices still hovered in the $31-to-$35 range down from February highs in the $140s — allowed them to avoid additional losses beyond what they had already experienced. First Republic’s stock traded below $4 a share by the time JPMorgan Chase bought the failing bank earlier this week....

